25 JulTitle Loans- Quick And Easy! Check Out The Benefits!
Title loans are one easy way to get some quick cash for an emergency need. You just need to own a vehicle to apply for this loan. In cases you need some extra money and that too quickly; you are most likely to opt for a payday loan or instalment loan. But the title loan is also a great way to acquire ready cash. Anyone who has a steady income and owns a vehicle can apply for the title loan. You just have to exchange your vehicle title as a collateral between you and the loan provider. There are various title loan providers of great reputation in the field like the Albuquerque title loans for instance. The webpage www.bankrate.com provides some great financial advice you can make use of.
Check out the benefits of title loans:
The title loans can be easily accessed and obtained within a short period. You just have to fill in the application form for a title loan and the cash will be credited to your bank account within a matter of few days. You just have to have a constant source of income and own a vehicle to be qualified for the loan. When the loan providers are satisfied with the criteria, you will be asked to complete an application form, go through the paperwork of title loan prepared by them and sign an agreement. A convenient time for both the parties can be chosen for the representative of the loan provider to come and take pictures of your vehicle and also collect the vehicle title. Usually, title loans take about a week to process and receive the amount. But if you need cash much faster than that, the loan providers will provide you with the money within 24 hours.
No Credit Checks
Most of the loan providers conduct a detailed credit check to make sure you are creditworthy and will be able to pay back the cash within the stipulated time. This makes it difficult for people with a low credit profile to obtain a loan. But, in the case of a title loan, the loan providers do not conduct any credit checks before granting the loan. They will just check whether you have a steady source of income and whether you own a vehicle.
Keep Using Your Vehicle
When you take a title loan, you will have to give up the title of your vehicle to your loan providers till you repay the loan. But that doesn’t mean you can’t use your vehicle till you repay the loan. You can keep using your vehicle as normal. Your daily life doesn’t get disrupted in any manner. It is just that your vehicle title remains as a collateral till you repay the loan.
The title loans are comparatively much cheaper than other sources of loans like payday loans or cash advances. Title loans only charge a meagre interest rate. Since the vehicle title is provided as a collateral security, the loan provider doesn’t charge high-interest rates as the vehicle stands as the security.